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Post by nereah on Nov 28, 2011 10:32:34 GMT 3
jukwaa? has anyone been keeping an eye on the happenings at the nairobi bourse....i mean over the last six months? from britack and now equity bank. business daily, one of the publications of nation media group, has gone to town with this juicy read authored by journalist michael omondi. Mwangi sells another 5m shares in Equity Bank  Equity Bank chief executive James Mwangi has earned Sh100 million by offloading part of his shares in the bank as anchor shareholders reduce their investments in the company. Regulatory filings show that Mr Mwangi’s direct stake dropped to 3.45 per cent at the end of October compared to 3.58 per cent in December last year, meaning the bank’s CEO reduced his holding by five million shares.The shareholder returns also show other top individual investors in the bank like the late Nelson Muguku and John Kagema reduced their interest in the bank during the period in what analysts viewed as profit-taking on the shares. details: www.businessdailyafrica.com/Mwangi+sells+another+5m+shares+in+Equity+Bank/-/539552/1280462/-/10254bhz/-/index.html |
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Post by destiny on Nov 28, 2011 10:49:57 GMT 3
As at 31st December 2009 the details of Equity Bank shareholding was as follows.
Helios Eb Investors 905,162,550 24.44
British-American Investments Company (Kenya) Limited 421,223,330 11.37
Nelson Muguku Njoroge 225,452,550 6.08
CEO James Njuguna Mwangi 160,122,370 4.32
Equity Bank Employees Share Ownership Plan 150,184,000 4.05
John Kagema Mwangi 121,796,900 3.28
Fortress Highlands Limited 101,010,000 2.72
Andrew Mwangi Kimani 90,426,800 2.44
Aib Nominee A/C Solidus Holdings Ltd 90,114,000 2.43
Simon Kagwanja Thuo 63,383,950 1.71
Other 25,959 Shareholders 1,373,899,660 37.16
Now, some whispering on the streets says all the MWANGIs highlighted above are related. If true then on whose behalf are the two unknown Mwangi's holding those shares and is this legal
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Post by genius on Nov 28, 2011 10:55:56 GMT 3
Mwangi is a wise man, preparing well for life after 2012. Better liquidate his assets now rather than having them held up in companies which could be very heavily influenced by politics.
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Post by nereah on Nov 28, 2011 11:26:36 GMT 3
genius,destiny ;Dl
is mwangi's windfall.... from sale of shares tax free or what? i understand that mwangi is not the only ceo who wield such enormous financial clout on the employer...that coop bank is also the same story... i leave to it economists like roughrider to help us understand if equity's model is sustainable without political goodwill...i mean would it have thrived in moi's era?
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Post by destiny on Nov 28, 2011 12:24:12 GMT 3
Neereah: correction:
He earned SH 100M (not 500M) by offloading 5M shares.
That's slightly over 1 million dollars in sweet profit.
Good for him on this dull Monday that's cold and grey here in Nairobi city.
A holiday with family would be great!
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Post by kamalet on Nov 28, 2011 19:20:47 GMT 3
genius,destiny ;Dl is mwangi's windfall.... from sale of shares tax free or what? i understand that mwangi is not the only ceo who wield such enormous financial clout on the employer...that coop bank is also the same story... i leave to it economists like roughrider to help us understand if equity's model is sustainable without political goodwill...i mean would it have thrived in moi's era? There is no capital gains tax on sale of equities so yes Mwangi will be running to the bank (huh?) laughing! Rather than selectively read the news and then allude politics, did you see the bit about the shareholder's just being profit takers? So what model are you worried about especially when it has worked so well for Equity (even without political goodwill)? |
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Post by nereah on Nov 28, 2011 19:48:38 GMT 3
Neereah: correction: He earned SH 100M (not 500M) by offloading 5M shares. That's slightly over 1 million dollars in sweet profit. Good for him on this dull Monday that's cold and grey here in Nairobi city. A holiday with family would be great! thanks destiny for the correction and sincere apologies to dr mwangi and anyone who may have been embarrassed by the erroneous figure. i take full responsibility and have accordingly made the correction in the misleading title of the thread. |
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Post by destiny on Nov 29, 2011 13:50:04 GMT 3
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Post by destiny on Nov 29, 2011 13:52:21 GMT 3
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Post by destiny on Nov 29, 2011 14:00:07 GMT 3
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Post by nereah on Nov 29, 2011 14:46:49 GMT 3
destiny and all,
it would be interesting to see which individual issues the biggest chaque to the taxman. sometimes back we read that it was the young moi lawyer. donald if am not wrong.
and talking of paying taxes, i saw the other day in cbn news some group of wealthy americans coming together to "demand" that they be taxed appropriately, not so sweet news to the gop.
that is likely to happen in kenya especially if the right honourable prime minister,raila amollo odinga,egh, mp, is popularly mandated by kenyans, as they ought to to steer this beautiful country into the desired middle income economy.
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Post by destiny on Nov 29, 2011 18:55:06 GMT 3
destiny and all, it would be interesting to see which individual issues the biggest chaque to the taxman. sometimes back we read that it was the young moi lawyer. donald if am not wrong. and talking of paying taxes, i saw the other day in cbn news some group of wealthy americans coming together to "demand" that they be taxed appropriately, not so sweet news to the gop. that is likely to happen in kenya especially if the right honourable prime minister, raila amollo odinga,egh, mp, is popularly mandated by kenyans, as they ought to to steer this beautiful country into the desired middle income economy. Some little bird told me that the two brothers behind the giant outdoor advertising company called Magnate Ventures have in the last few years topped the list of big taxpayers. Let's do the maths shall we?..(I hate maths!) According to their website they have 1,200 boards in Kenya alone. I hear each board charges around 100k per month, could be more. But they are also involved in branding, road signs, electrical installations (they have a huge contract in the new JKIA terminal), printing, bus shelter Ads, etc. Now that's big money for such a small company and big taxes too. As elections loom, perhaps they will double the rates of their billboards? These Kenyans.. aisey! www.magnate-ventures.com/ |
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Post by jakaswanga on Nov 29, 2011 20:30:14 GMT 3
Mwangi is a wise man, preparing well for life after 2012. Better liquidate his assets now rather than having them held up in companies which could be very heavily influenced by politics. Hmm.. genius, a genial thought! Smart money, watch what it does! and keep keeping an eye on it! I first came across the description smart money during the argentinian financial collapse, in the decade 1990-2000. There was a run on the banks, ATMs jammed, and there was no money for ordinary mortals who woke up last minute. But the smart money had already bolted one year prior! In the eurozone I am told the smart money left Greece and Italy long ago! leaving the stupid people with their stupid money to sink, or wait for the ECB life-boat. So I have to suspect Mwangi, privy to some decisive info, is offloading stock and going places before the titanic sinks. Smart money profile! Some of you could have missed it, but this Mwangi was on moneyline programs some months back, including CNN's Africa business, where he painted a rosy picture on the future of Equity bank. She would expand to Rwanda and East Congo, to South Sudan and be placed to be one of the leading banks in the continent in the next decade. A winner and a place to station all your life's loot! So why would he offload now, and get a paltry ksh.100M, instead of cashing a trillion ksh down the line, according to his own projections? Does he know his vision of El Dorado is more spin than reality? that it was merely a commercial to attract gullible investors? Smart money leaving as stupid money pours in? Where is our tough interrogator who will put this to him? Maybe he has a very innocent explanation, far from my smart money! |
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Post by kamalet on Nov 29, 2011 22:29:46 GMT 3
Mwangi is a wise man, preparing well for life after 2012. Better liquidate his assets now rather than having them held up in companies which could be very heavily influenced by politics. Hmm.. genius, a genial thought! Smart money, watch what it does! and keep keeping an eye on it! I first came across the description smart money during the argentinian financial collapse, in the decade 1990-2000. There was a run on the banks, ATMs jammed, and there was no money for ordinary mortals who woke up last minute. But the smart money had already bolted one year prior! In the eurozone I am told the smart money left Greece and Italy long ago! leaving the stupid people with their stupid money to sink, or wait for the ECB life-boat. So I have to suspect Mwangi, privy to some decisive info, is offloading stock and going places before the titanic sinks. Smart money profile! Some of you could have missed it, but this Mwangi was on moneyline programs some months back, including CNN's Africa business, where he painted a rosy picture on the future of Equity bank. She would expand to Rwanda and East Congo, to South Sudan and be placed to be one of the leading banks in the continent in the next decade. A winner and a place to station all your life's loot! So why would he offload now, and get a paltry ksh.100M, instead of cashing a trillion ksh down the line, according to his own projections? Does he know his vision of El Dorado is more spin than reality? that it was merely a commercial to attract gullible investors? Smart money leaving as stupid money pours in? Where is our tough interrogator who will put this to him? Maybe he has a very innocent explanation, far from my smart money! Jakaswanga Just what indications do you have that Equity is a sinking ship? If you consider the number of times that Equity has been written off right here in Jukwaa, it would have sunk several times over! Its Q3 profits rose 43% so surely that cannot be the sinking ship from which its CEO is running away from! |
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Post by destiny on Nov 30, 2011 10:11:50 GMT 3
The good boss of Equity Bank should do something about ATM's that never seem to function all over the city. Then there are those long queues that never seem to move, snaking their way for miles. Slow service, you fill in long cheque deposit slips and other silly papers unlike Family Bank where they operate paperless banking. Crowded banking halls where customers are hurdled together like a cattle auction. And why on earth do local banks have to charge 30 bob per ATM withdrawal regardless of the amount? In many developed nations, ATM withdrawal is free. Why punish clients who just want their cash? To cut a long story short, our banks have a long way to go when it comes to their shoddy services. And sadly in view, Equity tops that list by miles!
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jeff
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Post by jeff on Nov 30, 2011 11:36:09 GMT 3
Destiny,
I agree with you as regards the poor service at Equity. I have first hand experience of the amount of time it takes to process a single transaction. This is one reason why i have not yet opened an account with Equity. I normally have to pay someone to do the queuing when i have to process a transaction through Equity.
However, there are reasons why most Equity customers are prepared to put up with this seemingly poor service. Most of them are small savers such as small business people, teachers, etc. We go back to the late 90s when they were thrown out unceremoniously from Standard Chartered and the Barclays of this world because their small deposits were considered 'unprofitable' and their presence in the banking halls considered a nuisance. Do you think they would consider going back? Also, in most of the branches, you are able to transact your business in either Kiswahili, English or your ethnic language. I think the big banks for big people were too intimidating when it came to communication.
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Post by jakaswanga on Nov 30, 2011 20:27:19 GMT 3
Hmm.. genius, a genial thought! Smart money, watch what it does! and keep keeping an eye on it! I first came across the description smart money during the argentinian financial collapse, in the decade 1990-2000. There was a run on the banks, ATMs jammed, and there was no money for ordinary mortals who woke up last minute. But the smart money had already bolted one year prior! In the eurozone I am told the smart money left Greece and Italy long ago! leaving the stupid people with their stupid money to sink, or wait for the ECB life-boat. So I have to suspect Mwangi, privy to some decisive info, is offloading stock and going places before the titanic sinks. Smart money profile! Some of you could have missed it, but this Mwangi was on moneyline programs some months back, including CNN's Africa business, where he painted a rosy picture on the future of Equity bank. She would expand to Rwanda and East Congo, to South Sudan and be placed to be one of the leading banks in the continent in the next decade. A winner and a place to station all your life's loot! So why would he offload now, and get a paltry ksh.100M, instead of cashing a trillion ksh down the line, according to his own projections? Does he know his vision of El Dorado is more spin than reality? that it was merely a commercial to attract gullible investors? Smart money leaving as stupid money pours in? Where is our tough interrogator who will put this to him? Maybe he has a very innocent explanation, far from my smart money! Jakaswanga Just what indications do you have that Equity is a sinking ship? If you consider the number of times that Equity has been written off right here in Jukwaa, it would have sunk several times over! Its Q3 profits rose 43% so surely that cannot be the sinking ship from which its CEO is running away from! Economics is rumoured to be {}human rational behavior in the maximisation of his choices given limited means! In my world, I substitute devious for rational. Then given a set of facts, observed behaviour and historical precedent, I start to think. Having realised long ago [in the Enron, Barings bank, and Bear Sterns cases for instance] that the figures the banks give can be totally false, and that the rating agencies are corruptible or ready to look the other way as you gullibly build your castles on a bankers public figures, my thinking must find a plausible reason why a man cashes in 100M today if, in his own analysis and sales talk, several months away is a billion! You know the shilling has lately been falling, perhaps smart monies want to flee to other currencies which they deem more profitable? NB: Did you see me say in caveat: maybe he has a simple explanation and I am paranoid? Perhaps his wife wants to shop like the wife of the former mayor of Moscow! $1M a month at the capitals of fashion! So he has to offload something to please his darling! Equity is too... to fail! taxpayers will provide a soft-landing in the worst case scenario! |
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Post by patriotism101 on Dec 1, 2011 1:55:39 GMT 3
Hmm.. genius, a genial thought! Smart money, watch what it does! and keep keeping an eye on it! I first came across the description smart money during the argentinian financial collapse, in the decade 1990-2000. There was a run on the banks, ATMs jammed, and there was no money for ordinary mortals who woke up last minute. But the smart money had already bolted one year prior! In the eurozone I am told the smart money left Greece and Italy long ago! leaving the stupid people with their stupid money to sink, or wait for the ECB life-boat. So I have to suspect Mwangi, privy to some decisive info, is offloading stock and going places before the titanic sinks. Smart money profile! Some of you could have missed it, but this Mwangi was on moneyline programs some months back, including CNN's Africa business, where he painted a rosy picture on the future of Equity bank. She would expand to Rwanda and East Congo, to South Sudan and be placed to be one of the leading banks in the continent in the next decade. A winner and a place to station all your life's loot! So why would he offload now, and get a paltry ksh.100M, instead of cashing a trillion ksh down the line, according to his own projections? Does he know his vision of El Dorado is more spin than reality? that it was merely a commercial to attract gullible investors? Smart money leaving as stupid money pours in? Where is our tough interrogator who will put this to him? Maybe he has a very innocent explanation, far from my smart money! Jakaswanga Just what indications do you have that Equity is a sinking ship? If you consider the number of times that Equity has been written off right here in Jukwaa, it would have sunk several times over! Its Q3 profits rose 43% so surely that cannot be the sinking ship from which its CEO is running away from! Here are the indicators :- Corporate governance Domineering CEO An all powerful CEO always present management override nightmare. To say that the Equity CEO is powerful is an understatement. Everything passes through him. The BOD, Auditors and senior management may not offer appropriate checks and balances on the guy. In essence the CEO is always right. What stops Mwangi from committing fraud at the Bank?For example, does the bank have robust BOD committees to challenge management decisions? Loans to BOD and employees Total insider loans and advances rose from Kshs 3.6 billion to 6.4 billion (3 billion to 3.7 Billion for directors) between the periods 9/30/2010-2011. Senior management takes a larger portion of the remaining amount. What a better way to pocket the BOD and senior management? Which BOD will dare challenge the CEO? The loans will be recalled Moi style! Ethical values In 2007 the bank sought and received a 9 year exemption not to disclose the owners of equity fund Helios EB. Banks generally operate on trust. There is no better way to build trust than by being transparent and disclosing who the ghosts behind the HeliosEB fund are. My suspicion is that by the time the 9 years are over, Helios ghosts will have sold off all its holdings at Equity bank and there will be no need to disclose its owners. Who will be left holding worthless Equity bank stock certificates? Kamale? Guess who gave the exemption- a former ICPAK chairman, ex finance minister who was supposedly a pillar of integrity. The same person who ruled that Kenyans did not need to know who the ghosts behind Mobitelea were. The composition of senior management I have looked at Equity senior management and I could not help but notice the ethnic composition of the men and women who surround the CEO. Giving them the benefit of doubt and casting my biases aside, and knowing how the Kenyan psyche operates, I wonder whether this is deliberate. What is the chance of one pulling a Githongo and blowing the whistle in case of unethical/criminal behavior? Customer care Everyone will agree that the bank scores an F in customer care. Sample this, in July; I wanted open a bank account. After almost two hours of lining up at the Equity branch on Harambee Avenue- the clerk informed me that I could not use my passport to open a bank account. An appeal to an equally clue less bank manager yielded no fruits- needless to say I took my business elsewhere. It is a matter of time before people take there money under the pillow! Insider trading Insider trading is usually a good sign when the insiders are buying and not selling their stock. The fact that a well paid insider is selling his holdings, not because of exercising options portents white smoke. You only stay around if you are naïve. The devil is always in the details I will confess that I have been unable to get my hands onto a 5 year set of full financial statements including financial disclosures (I must admit the disclosure are enjoyable to read in Swahili-Tichaz!) of Equity bank in order to do a more thorough analysis of the statements and the disclosures. However, based on the extracts from their website, there are several red flags indicating problems ahead. This is not to say that there are no valid explanations to my questions. But untill those answers come- this looks like a ponzischeme to me. Just as a caveat, I am unable to calculate PE, Forward PE and other ratios both for Equity, the industry and competitors. What I have done is compare 9/30/2010 and 9/30/2011 numbers. I am unable to copy and paste my excel tables here but the following are some of the issues that cropped up. Again, I did not have the disclosures and maybe, some of the issues I raise maybe explained by the disclosures. This is for Kamale-Income increase by 42 % For the period 9/30/2011-9/30/2010 profits went up 42% to 7,292,920 from 5,125,581.00 a whoping 2,167,339. Paid up capital did not change and remianed 1,851,388 as did Share premium which remained at 12,161,021. Interestingly , there was a 2.8billion charge to the Revaluation reserve which reduced to (1,376,097.00) from 1,417,851.00 a whopping -197%. You will notice that that charge swallows the so called profit making it a loss. What is the charge in revaluation reserve? Are losses being hidden in shareholders equity accounts? That amount is eerily similar to the profit figure. Any accountant will tell you that the best way to cook books is the use of management estimates and charges to shareholders equity. The bank has 12 billion in share premium. This is distributable to shareholders. Assuming there is a run on the bank, the bank seems thinly capitalized. Why is this bank not adequately capitalized especially since loan to deposit ratio is 76%?  . 9/30/2011 vs 9/30/2010 Change % Change Loans and advances 109,366,657.00 vs 70,904,578.00 absolute change 38,462,079 Percentage change 54% Interest Income 11,191,364 vs 8,381,051 absolute change 2,810,313 Percentatge change 34% Interest income divided by Loans and advances 10%vs12% Anyone who lives in Kenya will tell you that interest rates have gone up, not down. The numbers above generally don’t make sense. 9/30/2011 /vs 9/30/2010 Change % Change Deposits and balances due from banking institutions 1,571,942 vs 1,532,153 absolute change 39,789 percentage change 3% Deposits and balances due from banking institutions abroad 6,978,394 vs 1,548,049 absolute change 5,430,345 percentage change 351% This may be nothing according to Kamale- I call it capital flight- There is no corresponding interest income to justify such a huge transfer of mbesha. FYI it represents 5% of customer deposits. Proposed dividends for 2011? – nada despite 42% increase in profits. My apologies the tables are mambo jambo- but you get the drift and I believe the numbers speak for themselves! What is a ponzi scheme? New investors pay old investors until there are no more new investors and the house caves in! The numbers are in thousands! |
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Post by destiny on Dec 2, 2011 10:16:03 GMT 3
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Post by patriotism101 on Nov 12, 2012 22:23:54 GMT 3
Jakaswanga Just what indications do you have that Equity is a sinking ship? If you consider the number of times that Equity has been written off right here in Jukwaa, it would have sunk several times over! Its Q3 profits rose 43% so surely that cannot be the sinking ship from which its CEO is running away from! Here are the indicators :- Corporate governance Domineering CEO An all powerful CEO always present management override nightmare. To say that the Equity CEO is powerful is an understatement. Everything passes through him. The BOD, Auditors and senior management may not offer appropriate checks and balances on the guy. In essence the CEO is always right. What stops Mwangi from committing fraud at the Bank?For example, does the bank have robust BOD committees to challenge management decisions? Loans to BOD and employees Total insider loans and advances rose from Kshs 3.6 billion to 6.4 billion (3 billion to 3.7 Billion for directors) between the periods 9/30/2010-2011. Senior management takes a larger portion of the remaining amount. What a better way to pocket the BOD and senior management? Which BOD will dare challenge the CEO? The loans will be recalled Moi style! Ethical values In 2007 the bank sought and received a 9 year exemption not to disclose the owners of equity fund Helios EB. Banks generally operate on trust. There is no better way to build trust than by being transparent and disclosing who the ghosts behind the HeliosEB fund are. My suspicion is that by the time the 9 years are over, Helios ghosts will have sold off all its holdings at Equity bank and there will be no need to disclose its owners. Who will be left holding worthless Equity bank stock certificates? Kamale? Guess who gave the exemption- a former ICPAK chairman, ex finance minister who was supposedly a pillar of integrity. The same person who ruled that Kenyans did not need to know who the ghosts behind Mobitelea were. The composition of senior management I have looked at Equity senior management and I could not help but notice the ethnic composition of the men and women who surround the CEO. Giving them the benefit of doubt and casting my biases aside, and knowing how the Kenyan psyche operates, I wonder whether this is deliberate. What is the chance of one pulling a Githongo and blowing the whistle in case of unethical/criminal behavior? Customer care Everyone will agree that the bank scores an F in customer care. Sample this, in July; I wanted open a bank account. After almost two hours of lining up at the Equity branch on Harambee Avenue- the clerk informed me that I could not use my passport to open a bank account. An appeal to an equally clue less bank manager yielded no fruits- needless to say I took my business elsewhere. It is a matter of time before people take there money under the pillow! Insider trading Insider trading is usually a good sign when the insiders are buying and not selling their stock. The fact that a well paid insider is selling his holdings, not because of exercising options portents white smoke. You only stay around if you are naïve. The devil is always in the details I will confess that I have been unable to get my hands onto a 5 year set of full financial statements including financial disclosures (I must admit the disclosure are enjoyable to read in Swahili-Tichaz!) of Equity bank in order to do a more thorough analysis of the statements and the disclosures. However, based on the extracts from their website, there are several red flags indicating problems ahead. This is not to say that there are no valid explanations to my questions. But untill those answers come- this looks like a ponzischeme to me. Just as a caveat, I am unable to calculate PE, Forward PE and other ratios both for Equity, the industry and competitors. What I have done is compare 9/30/2010 and 9/30/2011 numbers. I am unable to copy and paste my excel tables here but the following are some of the issues that cropped up. Again, I did not have the disclosures and maybe, some of the issues I raise maybe explained by the disclosures. This is for Kamale-Income increase by 42 % For the period 9/30/2011-9/30/2010 profits went up 42% to 7,292,920 from 5,125,581.00 a whoping 2,167,339. Paid up capital did not change and remianed 1,851,388 as did Share premium which remained at 12,161,021. Interestingly , there was a 2.8billion charge to the Revaluation reserve which reduced to (1,376,097.00) from 1,417,851.00 a whopping -197%. You will notice that that charge swallows the so called profit making it a loss. What is the charge in revaluation reserve? Are losses being hidden in shareholders equity accounts? That amount is eerily similar to the profit figure. Any accountant will tell you that the best way to cook books is the use of management estimates and charges to shareholders equity. The bank has 12 billion in share premium. This is distributable to shareholders. Assuming there is a run on the bank, the bank seems thinly capitalized. Why is this bank not adequately capitalized especially since loan to deposit ratio is 76%? . 9/30/2011 vs 9/30/2010 Change % Change Loans and advances 109,366,657.00 vs 70,904,578.00 absolute change 38,462,079 Percentage change 54% Interest Income 11,191,364 vs 8,381,051 absolute change 2,810,313 Percentatge change 34% Interest income divided by Loans and advances 10%vs12% Anyone who lives in Kenya will tell you that interest rates have gone up, not down. The numbers above generally don’t make sense. 9/30/2011 /vs 9/30/2010 Change % Change Deposits and balances due from banking institutions 1,571,942 vs 1,532,153 absolute change 39,789 percentage change 3% Deposits and balances due from banking institutions abroad 6,978,394 vs 1,548,049 absolute change 5,430,345 percentage change 351% This may be nothing according to Kamale- I call it capital flight- There is no corresponding interest income to justify such a huge transfer of mbesha. FYI it represents 5% of customer deposits. Proposed dividends for 2011? – nada despite 42% increase in profits. My apologies the tables are mambo jambo- but you get the drift and I believe the numbers speak for themselves! What is a ponzi scheme? New investors pay old investors until there are no more new investors and the house caves in! The numbers are in thousands! Finaly Chicken are coming home to roost. www.nation.co.ke/Features/smartcompany/Questions-over-Equitys-growth-drive/-/1226/1617826/-/mybih4z/-/index.html |
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